Monday, September 25, 2023

FTX Ventures Invested $100M In Dave Money App: Report

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FTX Ventures Invested $100M in the Dave money app and the exchange will serve as the exclusive crypto partner so let’s read further in today’s latest cryptocurrency news.

Dave is a financial services app that was announced today in a new partnership with FTX US exchange and the investment of $100 million from FTX Ventures with the deal enabling the platform to start offering crypto services. Founded in 2018 by Sam Bankman Fried, the FTX exchange launched the FTX Ventures fund worth $2 billion and at the same time, the exchange also announced that it raised $400 million in Series C funding which gave the exchange a valuation of $32 billion. FTX US is the American affiliate that offers crypto trading but also poses as an NFT marketplace and payment services via FTX Pay.

FTX Ventures invested $100M in Dave and together with it, they will explore ways to introduce crypto and other digital assets to the platform. Launched in 2017, the Dave money app is an online banking service that offers financial tools like debit cards, budgeting tools, and spending accounts. It is best known for the cash advance features and in the blog post, Dave says FTX US will be the exclusive partner for crypto.

dave money app

FTX Ventures is the latest fund to invest in Dave and others include Capital One Ventures, Dallas Mavericks Owner Mark Cuban, and CODE Advisors founding partner Quincy Smith. For Dave, partnering with this major exchange will position itself as a competitor to apps like PayPal, Venmo, Cash App all of which offer fiat and crypto services on the $8 trillion digital banking market. The Dave CEO Jason Wilk said:

“By aligning with a world-class leader such as FTX US, we are in a position to enter the digital asset arena, explore new growth opportunities, and improve the member experience.”

As recently reported, Naomi Osaka joined exchange FTX as its latest global brand ambassador and FTX enlisted other athletes and partnered with other teams and leagues as well. Crypto exchange FTX added Naomi Osaka and plenty of other allies from the sports world over the past year and ranged from ambassadors to sponsorships and added another partner to its table now.

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